REFILE-GRAINS-Soybeans, corn rise thanks to sliding dollar, hot Argentina weather

Jan 28 (Reuters) - Chicago Board of Trade corn and soybean futures climbed on Wednesday as the market grappled with hot and dry conditions in Argentina that could damage crops and a rapidly weakening U.S. dollar.

Wheat futures also rose.

FUNDAMENTALS

The most-active corn contract on the Chicago Board of Trade (CBOT) corn Cv1 was up 0.1% at $4.27 a bushel by 0144 GMT, while CBOT soybeans Sv1 gained 0.3% to $10.70-1/2 a bushel and wheat Wv1 was up 0.2% at $5.24-1/2 a bushel.

The U.S. dollar sat near a four-year low reached on Tuesday. The greenback has slipped around 3% against a basket of major currencies since January 20 as investors worried about U.S. President Donald Trump's pursuit of Greenland and domestic policies. USD/MKTS/GLOB FRX/

A weaker dollar makes U.S. commodities cheaper for buyers with other currencies, which can boost demand.

In South America, intense hot and dry weather have hit Argentina, threatening crop production in the world's leading exporter of soy meal, soy oil and third-largest supplier of corn.

Argentina's key agricultural regions are in urgent need of rain after temperatures rose to near 104°F (40°C) in recent days, but significant relief is not forecast until February.

With planting nearly finished, the dry spell is hitting as 93.1% of corn and 96.2% of soybean acreage has already been sown, the Buenos Aires Grains Exchange said.

Plentiful global supply of soybeans, corn and wheat is however keeping a lid on prices, which remain far below their peaks in 2022.

Agricultural consultancy Sovecon on Tuesday raised its 2025/26 Russian wheat export forecast by 1.1 million metric tons to 45.7 million tons. Russia is the biggest wheat exporter.

MARKETS

Trump shrugged off the decline in the dollar on Wednesday, while Wall Street and gold prices marched to new record highs. USD/ MKTS/GLOB FRX/